Trump inspires the crypto market
Bitcoin received a boost of optimism from increased risk appetite after the US and Vietnam announced a trade deal. Officials from Trump's team said that a deal with India is close to being finalized, but negotiations with Japan and South Korea appear to have stalled. This information should not be trusted, but let's remember: Trump's “scary” deadline expires on July 8, and potential partners have three more days.
Markets were also encouraged by the fact that the US eased some restrictions on chip technology exports to China after a preliminary industry trade agreement was reached between the two countries in June.
The weekend is ahead, so only crypto will be able to react to all the news. A gap at the opening of the trading week is guaranteed.
On Wednesday, the first spot ETF on Solana with a staking function, the Rex-Osprey Solana Staking-Enabled ETF, launched in the US. The market surpassed $35 million in trading volume on its first day.
The trend toward expanding crypto ETFs is being driven by global exchange issuers: the market features both traditional BTC trusts and multi-asset funds based on KraneShares and Bitwise, which include Dogecoin, Cardano, and even Hedera in addition to Bitcoin, Ether, XRP, and Solana. There are also “high-yield” versions of Bitcoin and even separate Dogecoin or Aptos funds.
The emergence of new products from BlackRock, Fidelity, Invesco, and now KraneShares and Bitwise is stimulating competition and making crypto assets more accessible.
It is interesting to note whether real demand is keeping pace with such a wide range of products. According to Cerulli Associates, only 8% of investors include crypto ETFs in their portfolios. Interest is significantly higher among younger generations under 40 and investors with capital of up to $250,000, and there is a growing trend of interest among whales with capital of over $5 million.
Bitcoin broke the “bull flag” and is consolidating above $109,000. A downward pullback cannot be ruled out — any market negativity could trigger massive profit-taking on long positions. Nevertheless, the balance of volumes supports the upward movement.
The first target could be the high of $111,500, followed by the all-time high near $113,500. Breaking through the latter and reaching a new high should be the final confirmation that Bitcoin is moving on to the next stage of steady growth.
Solana is still resting after a massive pump before the launch of the ETF, while other altcoins are gradually recovering following the growth of BTC, but no serious storm is expected yet. Well, except for Dogecoin, which grew by 8% among meme tokens, and $TRUMP, which added 4.4%. After Donnie signs his “wonderful” tax bill today, which was passed yesterday by the US Senate, we expect active speculation on $TRUMP over the weekend.
Profits to y’all!
